/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Nov. 1, 2011 /CNW/ - Wesgold Minerals Inc. (TSXV: WSG) is
pleased to announce that it has arranged, subject to stock exchange
approval, a non-brokered private placement of up to 10 million units at
$1.00 per unit, for proceeds of up to $10 million. Each unit will
consist of one common share and one-half of a warrant, each whole
warrant entitling the holder to purchase one additional common share of
the Company at $1.25 for one year from closing.
The Company will allocate a portion of the financing to subscribers
found by Axemen Resource Capital Ltd., an Exempt Market Dealer, and may
agree to similar allocations to other exempt market or investment
dealers. The Company will pay finder's fees equal to 5% of subscription
amounts found, payable in cash or units, plus issue finder's warrants
in an amount equal to 5% of units purchased, with each such finder's
warrant to be exercisable into one common share of the Company at a
price of $1.25 for one year.
The proceeds of the financing will be used towards the acquisition and
exploration of the Cordoba Property in Colombia and for general working
About Wesgold Minerals
Wesgold Minerals Inc. is a Vancouver-based mineral exploration company
focused on the acquisition and exploration of gold and copper projects
in Colombia. Wesgold recently optioned from Minatura the Cordoba
property, covering 25,790 hectares in the Department of Cordoba,
Colombia, 200km north of the city of Medellin.
ON BEHALF OF THE BOARD
Chairman of the Board
Investor relations: Jaclyn Ruptash / Ralph Rushton
Symbol: TSXV: WSG
Shares Issued: 6.0-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available
Some of the statements in this news release contain forward-looking
information that involves inherent risk and uncertainty affecting the
business of Wesgold Minerals Inc. Actual results may differ materially
from those currently anticipated in such statement.
SOURCE Wesgold Minerals Inc.
For further information:
For further information on Wesgold, please call 604-801-5432 or visit our web site (www.wesgold.com).